World Energy Solutions, Inc. Acquires H-Hybrid Technologies, Inc. from UTEK Corporation

UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), an innovation services company, and World Energy Solutions, Inc, (OTCBB:WEGY) an energy services company and electronics manufacturer, are pleased to announce that World Energy Solutions, Inc. has acquired H-Hybrid Technologies, Inc., a wholly owned subsidiary of UTEK, in a stock transaction.

H-Hybrid Technologies contains the H-Hybrid (trademark pending) designation as well as a worldwide exclusive license to patented inventions for an apparatus and method of generating hydrogen and oxygen gases designed to increase fuel economy and decrease hydrocarbon emissions in gasoline powered vehicles. The gases are generated on demand by an electrolyzer that separates water into a gaseous mixture of hydrogen and oxygen. The electrolyzer is designed to be adapted to vehicles to provide a pre-combustion gas mixture to the fuel system on demand, thereby obviating the need for onboard storage of hydrogen.

Ben Croxton, Chief Executive Officer of World Energy Solutions, Inc., said, “We believe the addition of this licensed technology will advance our goal of introducing our own system for fuel enhancement and emissions reduction for the OEM marketplace. We feel that combining these technologies with our existing technology will strengthen our intellectual property focused on improving fuel efficiency and lowering emissions in automobiles.”

“UTEK is pleased to consummate this technology transfer with World Energy Solutions,” said Joel Edelson, Vice President of Technology Licensing at UTEK Corporation.

About World Energy Solutions, Inc.

World Energy Solutions, Inc. (WES) is an energy services company and electronics manufacturer. WES’ primary business focus is the development of technology for lowering electrical, gas and water usage for commercial, government and residential facilities. As a manufacturer of transient voltage surge suppressor systems, WES uses cutting-edge technologies and design standards to provide its customers with full lifetime warranties on its products. For more information about WES, please visit its website at www.wesinc.net.

About UTEK Corporation

UTEK® is a leading innovation services company. UTEK’s services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK is a business development company with operations in the United States and the United Kingdom. For more information about UTEK, please visit its website at www.utekcorp.com.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or World Energy Solutions “expects,” “should,” “believes,” “anticipates” or words of similar import. Similarly, statements that describe UTEK’s or World Energy Solutions future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or World Energy Solutions and the valuation of UTEK’s investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and World Energy Solutions believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that its expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and UTEK or World Energy Solutions do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

UTEK’s operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized and realized gains and losses of companies in its portfolio, UTEK’s dependence on the performance of its operating divisions as well as the companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, marketplace demand for innovation consulting services as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK’s future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK’s filings with the Securities and Exchange Commission.
Contacts

UTEK Corporation, Tampa
USA:
Tania Bernier, 813-754-4330 x223
or
UK:
Bankside Consultants
Steve Liebmann or Simon Bloomfield, + 44 (0) 20-7367-8883
or
World Energy Solutions, Inc.
Ben Croxton, 727-525-5552